Monthly Real Estate Details

Real Estate Details

We are seeing a few more listings pop up, as is customary as we close out the ski season and prepare for summer. The pent-up demand for single family homes under $2M is significant. We are seeing multiple showings and offers if the price is right. If the home is under $1M and location is right the interest is off the charts. 

This week, we have about 25 new listings ranging from a $469k Stagecoach condo to a $7.4M single-family home downtown. This is good news in an otherwise very tight supply market.

If you are contemplating a purchase, let’s set you up for success!

Here is a run down of new projects in Steamboat Springs:

Located next to the Steamboat Ski Resort, The Amble is designed for convenient walkable access to the resort base area. With 42 high-quality residences, there are a variety of configurations, ranging from 1 to 4 bedroom units.   Amenities include: heated pool & hot tub, fitness room, guest lounge, plentiful gear storage and underground parking with EV charging. Construction to begin Spring 2024 with completion goal of 2026 - purchase reservations are available now.  

On the west side of town lies Basecamp Row Townhomes with easy access to downtown and the Yampa River.  The project includes 28 townhomes, from 3 to 4 bedrooms.  Nearby amenities include restaurants, bars, fitness studio, bike shop and easy access to recreation.  Anticipated availability in Fall 2024.  Contact us for pricing details. 

As Steamboat's newest ski in-ski out option, The Astrid condos offer a high-end retreat with a community feel. With a rooftop that sports hot tubs, fire pits and a remarkable rooftop bar, relaxing and socializing with family and friends has never been more luxurious. This new project will break ground in Summer 2024 - reach out to learn more. 

Ground breaking has also begun on a few other projects:

•    A 7-unit townhome project on Village and Walton Creek Road. Pricing and release not available yet.

•    Planning commission approved a project brought forth by Gorman & Company for over 100 residential units on two of the Riverview Mixed-use parcels located between 3rd and 4th streets in the alley. They are working on a deal with the city to dedicate 11 units to workforce housing.

•    Streamside at Steamboat, located on the west side at Shield Drive, has been approved to begin construction on 12 townhomes, 10 single-family units, 2 duplexes and 21-deed restricted condominiums to be designated as work-force housing. Details still being worked out on the workforce criteria, but likely includes those working full-time in Routt County or former full-time working Routt County residents.

•    Lagom Storage and Workforce Housing has broken ground on their project located on 13th Street. This includes 24 ground level self-storage unit with 24 workforce residential rental units.

Lending

We are still seeing a fair bit of Seller concessions reflected as rate buydowns for some of the entry-level buyers. What are these rate buydowns?  A temporary buydown lowers the interest rate to a certain percentage, which then increases each year until it returns to the original rate. Common temporary buydown terms are 2-1 and 1-0, where the first number is the rate reduction you receive in the first year and the second number is the rate reduction for year two. With a 2-1 buydown, a 6.25% mortgage rate would be cut to 4.25% the first year, increase to 5.25% in year two and return to 6.25% in the third year.

In the midst of fluctuating interest rates, prospective buyers are actively seeking opportunities to enter the market. There is a growing trend towards Adjustable Rate Mortgages (ARMs) as a strategic option, coupled with the inclusion of seller concessions to facilitate rate buydowns. It is essential to maintain close communication with our local lending experts, as the financial landscape within this sector evolves on a daily basis.